Citi Announces Expansion of the Cross-Currency Sweeps

Global financial services provider, Citi announced today that it has expanded its cross-currency sweeps cash management solution to several leading markets in Europe. According to the company, the solution is now available in an additional 14 European countries, including Germany, Netherlands, Ireland, Spain, France and Portugal.

Citi cross-currency sweeps solution is among the most popular services of the bank. The solution enables treasurers to transfer funds seamlessly across the Citi network. Additionally, the solution allows the automation of FX dealings in a variety of major and exotic currency pairs.

Through the tool, finance teams can efficiently manage cash positions across multiple accounts, countries and currencies, using one streamlined and automated solution. Companies can manage FX and cash positions smoothly with Citi cross-currency sweeps.

“Our corporate clients are increasingly moving through a Digital Transformation journey for their Treasury and FX Risk Management,” says Sam Hewson, the Global Head of eFX Solutions and EMEA Head of Corporate Sales. “As technology has evolved, we are helping our clients to automate processes, using efficient, integrated and seamless strategies to provide transparent liquidity and FX activities. Citi Cross-Currency Sweeps brings together the power of our liquidity and FX technologies to help our clients automate their day-to-day activities so that they can stay focused on creating smart treasuries of the future, today.”

In addition to the expansion of its cross-currency sweeps, Citi is planning to enhance its presence in the digital asset space. The bank is expected to close a significant hiring process in the digital asset division by the end of 2022.

Liquidity Management

According to Stephen Randall, Global Head of Liquidity Management Services, Citi Treasury and Trade Solutions, companies face several difficulties in liquidity management. Citi’s cross-currency sweeps solution aims to address the issue with innovative tools.

“Managing liquidity in multiple currencies is often a manual process, with the significant time taken up by forecasting, FX management and the movement of cash between accounts,” Randall said.